证券代码：300910 证券简称：瑞丰新材 公告编号：2024-091 新乡市瑞丰新材料股份有限公司 关于召开2024年第五次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 新乡市瑞丰新材料股份有限公司（以下简称"公司"）第四届董事会第五次会 议审议通过了《关于召开2024年第五次临时股东大会的议案》，决定于2024年12 月16日（星期一）下午14:30召开2024年第五次临时股东大会。现将有关情况通 知如下： 一、召开会议的基本情况 1、股东大会届次：2024年第五次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：召开本次会议的议案已于2024年11月29日经 公司第四届董事会第五次会议及第四届监事会第五次会议审议通过，本次会议的 召集程序符合有关法律、法规、规范性文件和《新乡市瑞丰新材料股份有限公司 章程》的规定。 4、会议召开的日期、时间 （1）现场会议时间：2024年12月16日（星期一）下午14:30 （2）网络投票时间：2024年12月16日（星期一） 其中，通过深圳证券交易所交易系统进行网络投票的 ...

新乡市瑞丰新材料股份有限公司（以下简称"公司"）根据公司业务发展及日 常经营的需要，公司预计2025年度向关联人采购原料不超过人民币8,400.00万元， 向关联人销售产品不超过人民币11,100.00万元。公司2024年1-10月向关联人采购 原料实际发生的总金额为人民币4,726.01万元，向关联人销售产品实际发生的总 金额为7,982.52万元。具体情况如下： 关于2025年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、日常关联交易基本情况 （一）日常关联交易概述 证券代码：300910 证券简称：瑞丰新材 公告编号：2024-090 新乡市瑞丰新材料股份有限公司 公司于2024年11月29日召开的第四届董事会第五次会议及第四届监事会第 五次会议审议了《关于2025年度日常关联交易预计的议案》，关联董事王雷回避 表决。其中：第四届董事会第五次会议以8票同意、1票回避、0票反对、0票弃权 的表决结果审议通过了《关于2025年度日常关联交易预计的议案》；第四届监事 会第五次会议以3票同意、0票反对、0票弃权的表决结果审议通过了 ...

证券代码：300910 证券简称：瑞丰新材 公告编号：2024-087 新乡市瑞丰新材料股份有限公司 关于注销部分募集资金专用账户的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意新乡市瑞丰新材料股份有限公司首次公 开发行股票注册的批复》（证监许可[2020]2396号）同意注册，公司向社会公众公 开发行A股股票3,750万股，发行价为每股人民币30.26元/股，共计募集资金 113,475.00万元，扣除承销商发行费用（不含税）人民币7,289.36万元及其他发行费 用（不含税）人民币2,002.28万元，实际募集资金净额为人民币104,183.36万元，其 中超募资金总额为人民币70,183.36万元。 中汇会计师事务所（特殊普通合伙）于2020年11月24日对公司募集资金的到 位情况进行了审验确认，并出具了中汇会验[2020]6638号《验资报告》，并已全 部存放于募集资金专户管理。 二、募集资金存放和管理情况 为规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者利益， 新乡市瑞丰新 ...

Investment Rating - The report maintains a "Buy-B" rating for the company [5] Core Views - The company reported a revenue of 800 million yuan in Q3 2024, showing a year-on-year decrease of 1.71% but a quarter-on-quarter increase of 1.79%. The net profit attributable to the parent company was 181 million yuan, down 9.84% year-on-year but up 9.06% quarter-on-quarter [3] - The export volume remained stable quarter-on-quarter, with an increase in the proportion of high-end products. In Q3 2024, China's cumulative export of lubricant additives was 69,500 tons, up 4.08% quarter-on-quarter, with an average export price of 20,234 yuan per ton, up 3.96% [4] - The decline in crude oil prices has led to a decrease in raw material costs, improving the company's profit quality. The average price of Brent crude oil in Q3 2024 was 76.39 USD per barrel, down 10.16% quarter-on-quarter, while the company's gross margin improved to 36.72%, up 0.75 percentage points [4] Financial Data and Valuation - The company’s projected net profits for 2024-2026 are adjusted to 708 million, 879 million, and 967 million yuan, respectively. The corresponding price-to-earnings (PE) ratios for these years are 18.3, 14.7, and 13.4 times based on the market capitalization of 12.9 billion yuan as of November 5 [5] - The company’s revenue for 2024 is expected to be 3.154 billion yuan, reflecting a year-on-year growth of 12.0%. The net profit for the same year is projected to be 708 million yuan, with a year-on-year increase of 16.7% [6]

Investment Rating - The report maintains an "Outperform" rating for the company [4]. Core Views - The company reported a revenue of 2.301 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 6.89%, and a net profit attributable to shareholders of 500 million yuan, up 10.91% year-on-year [4]. - In Q3 2024, the company achieved a revenue of 800 million yuan, which is a decrease of 1.71% year-on-year but an increase of 1.79% quarter-on-quarter [4]. - The company continues to maintain stable shipments of additives, with a gross margin improvement of 0.75 percentage points to 36.72% in Q3 [4]. - The company is expanding its product offerings and has achieved significant breakthroughs in core customer approvals, positioning itself as a major player in the lubricant additive market [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 2.301 billion yuan, with a net profit of 500 million yuan [5]. - The company’s revenue is projected to grow to 3.537 billion yuan in 2024, with a net profit forecast of 706 million yuan [5]. - The gross margin for Q3 2024 was reported at 36.72%, with an overall net profit margin of 22.76% [4]. Market Position and Strategy - The company has a current production capacity exceeding 200,000 tons, with an additional 550,000 tons under construction, indicating rapid scale-up [4]. - The company has successfully passed third-party testing for various high-grade additives and is expanding its presence in overseas markets [4]. - The company is leveraging opportunities from the restructuring of supply chains among major oil companies to enhance its market position [4]. Profitability Forecast - The company’s net profit is expected to reach 1.014 billion yuan in 2025 and 1.281 billion yuan in 2026, with corresponding PE ratios of 12X and 10X [4][5]. - The report maintains the profit forecast for 2024-2026, projecting a steady growth trajectory for the company [4].

证券代码：300910 证券简称：瑞丰新材 公告编号：2024-086 新乡市瑞丰新材料股份有限公司 二、其他说明 （一）公司回购股份的时间、回购股份数量、回购股份价格及集中竞价交易 的委托时间段等均符合《上市公司股份回购规则》《深圳证券交易所上市公司自 律监管指引第9号——回购股份》及公司回购股份方案的相关规定，具体如下： 1、公司未在下列期间回购公司股份 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 新乡市瑞丰新材料股份有限公司（以下简称"公司"）于2024年2月1日召开 第三届董事会第一次独立董事专门会议、第三届董事会第二十次会议和第三届监 事会第十八次会议，审议通过了《关于回购股份方案的议案》。基于对未来发展 的信心以及自身价值的判断，为有效维护广大投资者利益，增强投资者信心，同 时进一步完善公司长效激励约束机制，充分调动管理层、核心骨干的积极性，提 高团队凝聚力，有效地将股东利益、公司利益和核心员工个人利益紧密结合在一 起，促进公司长期可持续发展。公司使用自有资金人民币15,000.00万元至 30,000.00万元（均 ...

证券代码：300910 证券简称：瑞丰新材 公告编号：2024-085 新乡市瑞丰新材料股份有限公司 关于2021年限制性股票激励计划首次授予部分第一个归属期 特别提示： 1、本次解除限售的激励对象共6人，本次解除限售股份数量为1,537,015股， 占本公告日新乡市瑞丰新材料股份有限公司（以下简称"公司"）总股本 （291,789,935股）的0.5268%。 2、本次解除限售股份的上市流通日期为2024年10月31日（星期四）。 公司于2024年10月22日召开第四届董事会第四次会议及第四届监事会第四 次会议，审议通过了《关于公司2021年限制性股票激励计划首次授予部分第一个 归属期归属股份解除限售条件成就的议案》。董事会认为：公司2021年限制性股 票激励计划首次授予部分第一个归属期归属股份解除限售条件已成就，不存在不 能解除限售的情形。董事会同意公司按规定为符合解除限售条件的郭春萱先生、 尚庆春先生、马振方先生、王少辉先生、陈立功先生、李万英女士分别办理2021 年限制性股票激励计划第一个归属期归属的620,000股、285,000股、124,517股、 114,000股、195,284股、191,2 ...

Investment Rating - Maintains an "Overweight" rating [1][2] - Target price adjusted to 54.46 RMB (previously 50.82 RMB) [2] Core Views - Q3 performance met expectations, but non-GAAP net profit slightly below expectations [1][2] - Long-term import substitution trend remains unchanged [1] - Q3 net profit attributable to shareholders was 181 million RMB, in line with expectations, while non-GAAP net profit was 164 million RMB, slightly below expectations [2] - Revenue for the first three quarters reached 2.3 billion RMB, a YoY increase of 6.89%, with net profit attributable to shareholders at 500 million RMB, up 10.91% YoY [2] - Q3 revenue was 800 million RMB, a YoY decrease of 1.71%, but a QoQ increase of 1.79% [2] - Q3 gross margin was 36.72%, up 0.75 pct YoY and QoQ, while net margin was 22.76%, down 1.99 pct YoY but up 1.56 pct QoQ [2] Financial Performance - 2024-2026 EPS forecasts adjusted to 2.33, 2.77, and 3.34 RMB (previously 2.43, 3.08, and 3.64 RMB) [2] - 2024E revenue is projected at 3.237 billion RMB, with net profit attributable to shareholders at 680 million RMB [3] - 2025E revenue is expected to reach 4.488 billion RMB, with net profit at 809 million RMB [3] - 2026E revenue is forecasted at 5.374 billion RMB, with net profit at 973 million RMB [3] Industry and Market Trends - China's lubricant additive exports in Q3 2024 increased by 14.97% YoY, with export volume reaching 69,500 tons [2] - Export price per ton was 20,234 RMB, down 12.06% YoY but up 3.96% QoQ [2] - Henan Province accounted for 37.7% of total exports, with export volume at 26,200 tons [2] - Compared to overseas competitors, domestic companies are expanding in niche markets with cost-effective products [2] Valuation and Comparables - 2024 PE ratio is set at 23.37x, based on comparable companies [2] - Comparable companies include Lanxiao Technology, Lionbridge, and Guoci Materials, with average PE ratios of 30.65x, 23.37x, and 18.62x for 2024E, 2025E, and 2026E respectively [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance continues to grow quarter-on-quarter, with steady improvement in profitability. In Q3 2024, the company achieved total revenue of 800 million yuan, a year-on-year decrease of 1.71% but a quarter-on-quarter increase of 1.79%. The net profit attributable to shareholders was 181 million yuan, down 9.84% year-on-year but up 9.06% quarter-on-quarter. The increase in profitability is attributed to the rising prices of lubricant additive products [1][3] - The company is actively expanding its core customer base and has established partnerships with leading lubricant oil companies such as Shell, Mobil, Total, Sinopec, and PetroChina. This brand effect is expected to enhance the company's efficiency in developing other small and medium-sized customers, leading to a rapid increase in market share [3] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 2.301 billion yuan, a year-on-year increase of 6.89%, and a net profit attributable to shareholders of 500 million yuan, up 10.91% year-on-year. The net profit after deducting non-recurring gains and losses was 475 million yuan, an increase of 11.20% year-on-year [1] - The company’s gross profit margin in Q3 2024 was 36.72%, an increase of 0.75 percentage points quarter-on-quarter, while the net profit margin was 22.76%, up 1.57 percentage points quarter-on-quarter [1] - The company is expected to achieve net profits of 750 million, 940 million, and 1.21 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 18X, 14X, and 11X [3]

东兴证券股份有限公司 关于新乡市瑞丰新材料股份有限公司 根据公司《首次公开发行股票并在创业板上市招股说明书》披露，本次公 司首次公开发行股票募集资金投资项目及募集资金使用计划如下： 单位：万元 | 序号 | 募集资金使用项目 | 总投资额 | 计划用募集 资金投入 | | --- | --- | --- | --- | | 1 | 年产6万吨润滑油添加剂单剂产品和1.28万 | 34,224 | 34,000 | | | 吨复合剂产品项目 | | | 注：经2022年年度股东大会审议通过的《关于部分募投项目变更的议案》， "年产6万吨润滑油添加剂单剂产品和1.28万吨复合剂产品项目"已变更为"年产46 万吨润滑油添加剂系列产品项目"。 使用部分暂时闲置募集资金进行现金管理的核查意见 东兴证券股份有限公司（以下简称"东兴证券"或"保荐机构"）作为新 乡市瑞丰新材料股份有限公司（以下简称"瑞丰新材"或"公司"）首次公开 发行股票并在创业板上市之保荐机构，根据《证券发行上市保荐业务管理办法》 《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》《深 圳证券交易所上市公司自律监管指引第2号——创业板上市 ...